AVAX, the native token of the Avalanche Blockchain, is currently experiencing a significant downward trend, despite its impressive market value ranking and substantial trading volume. With a total supply of 440,043,419 AVAX, it has made a notable impact in the cryptocurrency market. However, its recent performance has been concerning, with a steady decline starting from the $65 level.

The broader cryptocurrency market is also experiencing a bearish mood, with AVAX's price falling below the 100-day Simple Moving Average (SMA). This indicates a potential further drop in the coming days. Currently, AVAX is trading at around $33.52, with a slight 0.22% decrease in the last 24 hours.

Technical indicators suggest a continued downward movement, with the 4-hour MACD indicator showing a bearish signal. The Relative Strength Index (RSI) also indicates a weakening buyer's power, with sellers still dominating the market. If AVAX breaks below the support level of $30.34, it may form a new low. However, if it bounces back from this level, it could initiate an upward movement towards the resistance levels of $36.15 and $39.94. The future direction of AVAX's price remains uncertain, and investors are cautious, monitoring the market closely for any signs of recovery.